Digital transformation

Viet Nam is one of the leading nations in banking digital transformation. — Photo courtesy of VIB The pandemic has drastically changed the consumption behaviour of customers. That has been prompting banks to adapt. As digital transformation has become inevitable, banks have made greater efforts to put new technologies into practice in the digitalisation race. Currently, Viet Nam is one of the leading nations in banking digital transformation, Le Anh Dung, deputy director of the Payment Department under the State Bank of Viet Nam, said during a webinar entitled 'Banking industry as a pioneer in digital transformation: for the public to participate and benefit'. Among the country's remarkable achievements are the rate of technological adoption in banking operations which has increased by 40 per cent and mobile payments which have seen significant yearly growth of 90 per cent in volume and 150 per cent in value. Digital and payment ecosystems have been established by integrating … [Read more...] about Banks speeds up digital transformation

Vietnam is experiencing a shortage of domestic employees in mid and high-level management positions, so is looking overseas to recruit, according to a new report. Lenders look further afield for recruitment- illustration photo The Navigos Group report on the recruitment demand for mid- and senior-level personnel in Vietnam in the second quarter of 2022 said that there is a lack of Vietnamese candidates for jobs that require deep expertise. The report takes the banking industry as a prime example, looking at the ongoing demand for digital banking and risk management. The recruitment market in this field is increasingly heating up with a series of joint-stock commercial banks, especially the big four of Agribank, BIDV, VietinBank, and Vietcombank, continuously recruiting in extremely high numbers. The first half of 2022 saw a 20 per cent increase in job postings compared to the same period in 2021. The banking industry in recent years has been undergoing a digital … [Read more...] about Lenders look further afield for recruitment

Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers

Late last month, FPT Semiconductor officially launched the first line of integrated circuit (IC) chips used in Internet of Things (IoT) products for the medical field. The ICs, which are designed in Vietnam and manufactured in South Korea, will be delivered to customers and current strategic partners in Australia, Taiwan, and China. Next year, FPT Semiconductor plans to supply 25 million chips globally in seven types to meet diverse needs in telecommunications, IoT, automotive technology, energy, electronics, and others. Vietnam picking up slack as hub for chips - illustration photo The chipmaker intends to deploy and supply Vietnamese chips to domestic corporations to develop sustainably and contribute to completing the supply chain of manufacturing equipment for users in Vietnam between 2023 and 2025. According to a Technavio report, Vietnam’s semiconductor industry is estimated to exceed $6.16 billion by 2024. According to US-based technological research and … [Read more...] about Vietnam picking up slack as hub for chips

A survey of the Viet Nam Information Security Association showed that more than 50 per cent of cyber attacks are aimed at banks and financial institutions. — Photo VnEconomy Experts will share experience in cyber security in the banking and financial sector during an exercise slated for October 11. DF Cyber Defence 2022 aims to equip officials in charge of ensuring information safety in banking and financial organisations with new tactics, the National Cyber Security Centre (NCSC) under the Ministry of Information and Communications said on October 5. The event will be co-organised by the Information-Technology Department at the State Bank of Viet Nam (SBV), NCSC and IEC Group. The organisers said more than 50 banking and financial organisations have registered to participate in the exercise, with 200 cyber experts. In a study titled ‘Cybersecurity risks in digital banking: The case of Viet Nam’, Phan Chung Thuy from the University of Economics Ho Chi Minh City, said in … [Read more...] about Cyber defence exercise in banking, finance sector to be held next week

PC08 is reviewing and supplementing missing information for road vehicles in HCMC PC08 informed that this review is a task in the Government’s Project 06 ‘Developing an Application for Population Database, Digital Identification and Authentication for the National Digital Transformation from 2022-2025, with a Vision to 2030’. Accordingly, based on the list of expired vehicles provided by Vietnam Register and the list of vehicles that have undergone procedures to revoke registration and number plates, PC08 is going to separate these vehicles to better manage them. PC08 is going to establish a list of vehicles under its charge to check and compare with the existing data on the vehicle registration system. If all information, especially the ones on citizen ID card, tax code, and phone number of vehicle owners as well as chassis number, engine number of vehicles themselves, is sufficient and precise, it will confirm its integrated data in the vehicle registration system. Otherwise, … [Read more...] about HCMC updating data on vehicle registration, management

A Vietnamese fishing vessel (Photo: VNA) Bangkok (VNA) - Thailand’s news site Thaipublica.org on October 5 ran an article highlighting Vietnam’s efforts to address illegal, unreported, and unregulated (IUU) fishing and remove the European Commission (EC)’s “yellow card” warning on Vietnamese seafood exports, issued in 2017, with its recent issuance of a plan on IUU fishing prevention and control by 2025. The site wrote that almost five years after the EC’s warning, Vietnam has been actively focusing on drastic actions following the commission’s recommendations and regulations on IUU fishing in order to remove the warning as soon as possible. The country has reviewed and supplemented legal documents and enhancing sanctions in the revised Fisheries Law, documents, and action plans of the government. In the last online meeting between Vietnam and the EC in November 2021, EC officials appreciated the changes in terms of legal matters, one of the four key recommendations … [Read more...] about Vietnam takes more efforts to eradicate illegal fishing: Thai news site

This report explores some of these transformative trends in Vietnam’s retail sector and the opportunities they present for retailers to innovate and develop multi-fold strategies. Vietnam’s retail sector is expected to experience a rapid rebound in the year ahead, according to the latest report conducted by Deloitte Vietnam. Vu Duc Nguyen, Vietnam Consumer Industry Leader, Deloitte said: “We believe that at least some of the new omnichannel habits will become permanent as consumers grow accustomed to the convenience that they offer.” Omnichannel takes off BRG Retail's store, one of the large supermarket chains in Hanoi. Photo: BRG Group According to the report titled "Retail in Vietnam 2022: Omnichannel takes off," this year, Vietnam's economy looks poised for a rapid rebound despite the slowdown in growth over the past two years as a result of the Covid-19 pandemic. This promising outlook is expected to have positive spillover effects on its retail … [Read more...] about Vietnam’s retail sector to experience a rapid rebound next year